Athletic apparel and footwear retailer Hibbett (NASDAQ:HIBB) missed analysts' expectations in Q4 FY2024, with revenue up 1.8% year on year to $466.6 million. It made a GAAP profit of $2.55 per share, down from its profit of $2.92 per share in the same quarter last year.

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Hibbett (HIBB) Q4 FY2024 Highlights:

• Revenue: $466.6 million vs analyst estimates of $477.5 million (2.3% miss)

• EPS: $2.55 vs analyst expectations of $2.56 (small miss)

• EPS guidance for 2025: $8.38 at the midpoint vs analyst expectations of $8.82 (5.0% miss)

• Gross Margin (GAAP): 34.5%, down from 35.2% in the same quarter last year

• Same-Store Sales were down 6.4% year on year (miss)

• Store Locations: 1,169 at quarter end, increasing by 36 over the last 12 months

• Market Capitalization: $859.7 million

Mike Longo, President and Chief Executive Officer, stated, “We are pleased to report a solid financial performance for the fourth quarter of Fiscal 2024, as we continued to execute our strategy in a dynamic and challenging retail environment. Notably, we finished the year with $1.73 billion in sales, a new full fiscal year record for Hibbett. Our sales performance for the fourth quarter reflects the busy holiday selling season, which was in line with our expectations. During the quarter, we also benefited from new product launches and a favorable customer response for our popular footwear brands. The fourth quarter also benefited from our integrated Hibbett Rewards X Nike Membership, which brings together the Hibbett and Nike loyalty programs and supports sales growth across all retail channels. This loyalty partnership will provide exclusive shopping experiences, personalized content, and early access to the latest product launches for our Connected members.”

With a focus on small and mid-sized markets, Hibbett (NASDAQ:HIBB) is a specialty retailer that sells athletic apparel and footwear as well as select sports equipment.

Athletic Apparel and Footwear Retailer

Apparel and footwear was once a category thought to be relatively safe from major e-commerce penetration because of the need to try on, touch, and feel products, but the category is now meaningfully transacted online. Everyone still needs clothes and shoes to go outside unless they want some curious (or horrified) looks. But this ongoing digitization is forcing apparel and footwear retailers–that once only had brick-and-mortar stores–to respond with omnichannel offerings. The online shopping experience continues to improve and retail foot traffic in places like shopping malls continues to stagnate, so the evolution of clothing and shoes sellers marches on.